Newsday (Nassau Edition) from Hempstead, New York • 9

The End of a Tainted Fairy Tale By Collins Ann Woodward who made it from Kansas to the chorus line of a New York nightclub and then to the front pages of the nation is now buried beside the socialite husband she shot to death at their North Shore estate in 1955 Mrs Woodward 59 committed suicide Oct 10 at her Fifth Avenue apartment by taking an overdose of sleeping pills Twenty years before in what was one of the most sensational and widely publicized grand jury investigations ever held on Long Island a 22-member panel deliberated just 25 minutes before finding Mrs Woodward without fault in firing the shotgun Mast that killed William Woodward Jr 35 at their Oyster Bay Cove home on Oct 30 1955 Mrs Woodward said she mistook him for a prowler Her will filed recently with the Surrogate Court in Manhattan revealed that she left the bulk of her fortune described as than to charity Only pers6nal possessions went to her sons William Woodward III and James Woodward because the will said have been adequately provided for from other Her blueblooded husband who owned the fabled thoroughbred Nashua and the Belair Farms racing stable was the son of the president of the Hanover Bank Mrs origins were much more humble although there was a farm in her background too die small com farm about four miles west of Pittsburgh Kan where she was bom on Dec 12 1915 Her name then was Angeline Lucille Crowell As a young girl she was a model in Kansas City Continued on Page 44 AP Photo At left the Woodwards1 sons accompanied by a family physician visit their mother hospitalized for shock after the 1955 slaying Above Ann Woodward arrives to give grand jury testimony about the shooting Creditors Giving Up on Grant By Marilyn Goldstein New York Creditors of WT Grant ft Co will take steps in court today that could lead to the demise of the retailing firm which has been fighting to survive since October Yesterday a committee of major creditors said at an information hearing before bankruptcy court Judge John Gal gay that they intend to institute proceedings "seeking the adjudication of WT Grant ft Co as a company press-release said The steps could be taken under Chapter XI of the federal Bankruptcy Act and technically would differ from The move could result in the dosing of 400 Grant stores including 12 on Long bland that the company is still operating A company spokesman could not be reached to estimate how many jobs would be affected Thousands at workers have been laid off sinoe Grant reorganized under Chapter XI in October The company closed about 80( of its 1200 stores about a year ago nine of 'which were on Long Island Under the provisions of Tide XL creditors can demand that the company post a bond to indemnify them against further losses If the funds for a erations stop and tis assets be liquidated A spokesman for Wachtell Lipton Rosen ft Katz a Manhattan law firm representing Grant said decision has been made yet to oppose or consent to the by the creditors When Grant attempted to reverse its financial position on Oct 2 after the debts to 27 banks had mounted to $640 million it became the largest retailer in US history to file for court protection from its creditors under Chapter XL The purpose of Chapter XI is to hold creditors off while a firm continues to operate under a new plan Bankruptcy expert Alan Resnick a Hofstra University Law School professor said that when the new plan for doing business is at all effective is usually to the benefit of the creditors Hie longer in business the more chance far the creditors to get Hie first Grant store was opened in Lynn Mass in 1906 and the chain grew to a peak of 1208 stores in 1972 The next year earnings fell by more than two-thirds and in 1974 the company showed its first loss $1773 million which was blamed on rapid expansion inept management and overly liberal credit policies The company stoaight bankruptcy und er jch afl bon4 qotavulabkyor ifthp credi-jj of busmeraagreed to by the the credit ts are sold and distributed fcxcx tps ribootq fergothfctfimt step otow-andattempts to getbackoa Steaai iwthofirst the court to the creditors oould demand that business op- feet financially half of last year.